IT Companies to Hire 20% Less People in Next Financial Year

IT companies to hire 20% less people in next financial year

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Indian IT companies may hire up to 20 per cent fewer people in campus placements and entry-level hiring in the next financial year (FY24).

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On the back of the looming fears of a recession in the US and Europe, IT companies have already slowed down hirings and the onboarding process.

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Despite strong indicators in the software market, Indian tech companies have been facing high attrition and narrowing margins.

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Its impact is most likely to be faced during the hiring of freshers, the report added.

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In FY23, Infosys is expected to hire 50,000 people from college campuses.

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Wipro and TCS are likely to hire 30,000 and 40,000 people, respectively.

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Tech Mahindra Ltd will recruit 15,000 and HCL Technologies Ltd is expected to hire 45,000, Mint said.

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Many people who were sent offer letters as much as six months ago have not yet received a joining date.

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"In FY23, we estimate 350,000-370,000, but in FY24, if the recession continues, the numbers will drop. But at best, it will be similar to FY23," founder of HanDigital said.

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